February 17, 2011 / 2:51 PM / 7 years ago

UPDATE 2-Bombardier sets 2011 plane delivery forecast

* Sees 240 aircraft delivery in calendar 2011

* Delivers 244 aircraft in fiscal 2010-2011

* Shares up 3 pct at C$6.47 on TSX

(Adds detail, company comment)

OTTAWA, Feb 17 (Reuters) - Bombardier Inc BBDb.TO said on Thursday it expects to deliver 150 business aircraft and 90 commercial aircraft in calendar 2011, mirroring its performance in the previous year.

Bombardier, the world’s No. 3 civil aircraft maker after Airbus EAD.PA and Boeing BA.N, said its forecast is based an 11-month year because it plans to change its financial year end to Dec. 31 from Jan. 31. Its shares rose 3 percent on Thursday.

Bombardier said it delivered 244 aircraft in the fiscal year ending Jan. 31, compared with 302 the previous year. The company said the results are essentially in line with previously announced guidance to deliver about 15 percent fewer business aircraft and 20 percent fewer commercial aircraft than the previous year.

It received orders for 201 aircraft during the year, compared to 11 orders in the previous year. The fourth quarter was particularly strong for business aircraft, Bombardier said, with orders for 74 planes.

“Bombardier Aerospace had a solid performance despite the continued impact of the economic environment on the aviation industry and the slower than anticipated recovery from the global financial crisis,” the company said in a statement.

The company delivered 143 business jets in fiscal 2010, compared with 176 in the same period the previous year. Commercial aircraft delivery fell to 97 from 121.

“With a comprehensive portfolio of products, we believe our fundamentals are strong in the long term for both the business and commercial aircraft markets,” Chief Executive Officer Guy Hachey said in a statement.

“We believe we...will emerge from this difficult environment a stronger and more efficient company.”

Bombardier also said it will now recognize aircraft revenue only on delivery of a completed plane to a customer, reflecting International Financial Reporting Standards. Previously, it recognized revenue at two stages of delivery.

The company said the change will affect its medium and large business aircraft, the Challenger and Global lines, but not provide financial details.

Bombardier shares added 18 Canadian cents to C$6.46 on the Toronto Stock Exchange in early trade on Thursday. ($1=$0.98 Canadian) (Reporting by Susan Taylor)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below